HomeMy WebLinkAbout2006-096 Council Resolution•
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RESOLUTION NO. 06 -96
RESOLUTION AMENDING SCHEDULE FOR THE ISSUANCE
AND SALE OF APPROXIMATELY $2,470,000 GENERAL OBLIGATION
TAX ABATEMENT BONDS, SERIES 2006A
BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka
County, Minnesota (the "City ") as follows:
1. By Resolution No. 06 -85 approved by the City Council on May 22, 2006
( "Prior Resolution "), the City approved certain Terms of Proposal for the sale of it's
$2,470,000 General Obligation Tax Abatement Bonds, Series 2006A (the "Bonds ")
pursuant to Minnesota Statutes, Sections 469.1812 to 469.1815 (the "Act ") to provide
financing for a recreational facility (the "Project ") to be owned and operated by the
k-MCA of Greater St. Paul ( "YMCA ").
2. The Prior Resolution authorized Springsted Incorporated to negotiate the
Bonds in accordance with the Terms of Proposal attached thereto, and to bring proposals
for consideration by the Council at its meeting on Monday, June 26, 2006.
3. To provide additional financing for the Project, the City also proposes to
issue its $3,500,000 Revenue Note (YMCA Project), Series 2006A and it $500,000
Revenue Note (YMCA Project), Series 2006B (together, the "Revenue Notes ").
4. The City has determined that it is in the City's best interest to postpone
sale of the Bonds until closing on sale of the Revenues Notes. In that regard, the City
Finance Director is authorized and directed to determine the date on which (a) the
Council will hold a public hearing regarding issuance of the Bonds as required under
Section 147(f) of the Internal Revenue Code of 1986, as amended, and (b) the Council
will consider proposals for sale of the Bonds; provided that the date of such hearing and
Council action may be no sooner than the date of closing for the Revenue Notes.
5. The Finance Director is further authorized and directed to cause to be
published an appropriate notice of public hearing at least once, not less than fourteen (14)
days, nor more than thirty (30) days, prior to the date fixed for the hearing in the official
newspaper of the City (and a newspaper of general circulation in the City if the official
newspaper is not a newspaper of general circulation in the City).
6. Springsted Incorporated is authorized and directed to modify the Terms of
Proposal attached to the Prior Resolution to the extent necessary to accommodate the
change in schedule, and to include terms for an extraordinary redemption of the Bonds in
the event the Project is foreclosed and sold to an entity that is not a qualified 501(c)(3)
organization under federal law.
Adopted by the Lino Lakes City Council this 12th day of June, 2006.
The motion for the adoption of the foregoing resolution was duly seconded by Council
Membero' Donnellnd upon vote being taken thereon, the following voted in favor
thereof:
Reinert, O'Donnell, Stoltz, Carlson, Mayor Bergeson
The following voted against same:
Whereupon said resolution was declared duly passed and adopted.
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